The City of Houston approved a settlement agreement involving CRV Hardy Yards, L.P., Reinvestment Zone 21, and Hardy/Near Northside Redevelopment Authority. The settlement addresses outstanding infrastructure reimbursement debts for improvements in the Hardy area, including 800 Burnett Street. The agreement involves a one-time payment of $3,138,536.15 to CRV from property sale proceeds to satisfy part of a larger reimbursement balance. This settlement enables the sale of the property to Harris County for affordable housing development and resolves infrastructure debt tied to Community Development Block Grant - Disaster Recovery funding.
This settlement facilitates the transfer of a significant property for affordable housing development while resolving complex financial obligations related to infrastructure improvements. It ensures continued development in the Hardy area and addresses housing and community revitalization goals.